Six FIRs against Winsome Group for Rs 1,530 cr fraud | WeForNews | Latest News, Blogs Six FIRs against Winsome Group for Rs 1,530 cr fraud – WeForNews | Latest News, Blogs
Connect with us

Business

Six FIRs against Winsome Group for Rs 1,530 cr fraud

Published

on

Winsome Diamonds

New Delhi, April 5 : The CBI has registered six FIRs against S. Winsome Diamonds Group and others for alleged fraud of Rs 1,530 crore involving loans given by a consortium of banks, an official said on Wednesday.

The Group, involved in diamond and gold trade through its three Dubai-based companies, has committed one of the biggest bank loan defaults.

“Winsome Group is alleged of defaulting Rs 1,530 crore loans given to it by Central Bank, IDBI Bank and Vijaya Bank,” Central Bureau of Investigation (CBI) spokesperson R.K. Gaur told IANS.

The agency registered the cases against two Mumbai-based private firms– Winsome Diamond Jewellery Ltd and Forever Precious Jewellery Ltd, its chief promoter Jatin Mehta and others on the complaints lodged by the banks on the allegations of cheating and criminal conspiracy.

“It was alleged that standby letters of credit (SBLC) were opened by the banks for the import of gold by the companies from foreign banks. Gold was imported to India, then was re-exported to 13 UAE-based buyers. When the companies did not honour the SBLCs, the Indian banks were forced to make payments to the foreign banks which led to the alleged loss of Rs 1,530 crore to the banks.

“Central Bank was caused Rs 699.54 crore loss in one case and Rs 255.24 crore in other case; IDBI Rs 133.12 crore in one case and Rs 55.68 crore in other case and Vijaya Bank Rs 233.15 crore in one case and Rs 153.71 crore in other case,” the official said.

He said the role of bank officials is under probe.

According to trade magazine Diamond Intelligence Briefing, three of the Dubai-based companies that had defaulted on their payments to Winsome Group in 2012, and which, in turn, led to the group defaulting on its loans from Indian banks, have been part of the parent group for a very long time.

This contradicts the group’s claim that the defaulting companies were third parties beyond its control, and thus the chain of events that set off the massive financial loss to the Indian banks was beyond the group’s control.

Sources said that the group started defaulting on loans from the summer of 2013 and in October that year, banks notified their decision to term the group a wilful defaulter.

In 2014, the Central Vigilance Commission handed over the case to the CBI for criminal investigation.

Business

Amazon Quiz Answers Today, November 25, 2020: Answer and Win Rs 5000 Pay Balance

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance.

Published

on

Amazon

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs 5000 Pay Balance
Amazon Quiz Date: November 25, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 25, 2020

Q1- Char-chaporis are shifting riverine islands of the Brahmaputra located in which Indian state?
Ans- Assam
Q2- In 2020, who became the first bowler to pick up a wicket off the first ball in an IPL final?
Ans- Trent Boult
Q3- Alu, Bittu and Sattu are characters in which recent Rajkummar Rao movie?
Ans- Ludo
Q4- These objects are used to do what kind of activity?
Ans- Surfing
Q5- In which city also known as the ‘Blue City’ is this picture taken?
Ans- Jodhpur

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

Continue Reading

Business

Congress opposes move to let corporates enter banking sector

Published

on

By

chidambaram

New Delhi: The Congress on Tuesday opposed the proposal to allow corporates and business houses enter the banking sector, contending that this move will leave the depositors at their mercy as it happened in the case of Yes Bank and Laxmi Vilas Bank.

Addressing a press conference, former Finance Minister P. Chidambaram said: “The Congress party condemns the proposal and demands that the government, unequivocally and forthwith, declare that it has no intention of pursuing the proposal.”

“We call upon all the people of India and all political parties and trade unions to join us in resolutely opposing the retrograde idea of allowing corporates and business houses to enter the banking sector and set up banks,” he added.

The Congress alleged that the proposal, ostensibly based on a report of an RBI Internal Working Group, has the fingerprints of the Modi government written all over it.

This proposal, along with some other recommendations, is part of a deeper game plan to control the banking industry, it said, claiming that the proposal, if implemented, will completely reverse the enormous gains made in the last 50 years of retrieving the banking sector from the clutches of business houses.

Noting that all over the world, especially in developed economies, three principles govern banking — broad-based shareholding reflecting shareholder democracy, strict separation of ownership and management with ownership with shareholders and management in professional hands, and prohibition of connected lending, Chidambaram said that all three will be thrown out of the window if corporates and business houses are allowed to set up banks.

“Bank funds belong to the depositors who are the people of this country. As a proportion of total deposits, the equity of a bank is minuscule. The total deposits in the banking industry is of the order of Rs 140 lakh crore… If business houses are allowed to own banks, they will, with a small equity investment, control very large amounts of the nation’s financial resources. This must not happen and the Congress will strive its utmost to ensure that this will not happen,” Chidambaram said.

He said that it “is shocking that such an idea should have been presented to the people as though it has the imprimatur of experts and the endorsement of the RBI”.

“Just as the RBI was the cat’s paw of the government in the saga of demonetisation, the RBI is being used by the government to push through its dangerous agenda,” he said.

Continue Reading

Business

Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

Published

on

By

Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

Continue Reading
Advertisement

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.